NEW YORK CITY FORECLOSURE RATES DROP COMPARED TO OTHER MAJOR CITIES ACCORDING TO REALTYTRAC™ JUNE U.S. FORECLOSURE MARKET REPORT
City’s Rates Still Higher Than New York State Averages; State Foreclosures Drop 17 Percent
Real Estate Connect™ San Francisco, Calif. – July 27, 2005 – With fewer new foreclosures reported in June than in May, the New York City metropolitan area posted the second-lowest foreclosure rate among the nation’s top five metropolitan areas, according to the RealtyTrac 2005 U.S. Foreclosure Market Report™.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the exclusive foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Only Los Angeles documented a lower foreclosure rate than New York out of the nation’s five largest metropolitan areas. The foreclosure rates in Dallas-Fort Worth, Philadelphia and Chicago were all higher. The city’s declining foreclosures cut against the grain of a 7 percent increase in the number of new foreclosure nationwide.
“New York landed a notch lower in comparison to other major cities this month,” said James J. Saccacio, RealtyTrac chief executive officer. “It’s probably worth noting that the two cities with the lowest foreclosure rates — New York and Los Angeles — are also two of the areas where housing prices continue to increase to all-time highs.”
All of the New York counties in the greater metropolitan area reported fewer new foreclosures, ranging from a 3 percent decline in Nassau County to a 23 percent slide in Bronx County. The foreclosure rates in both those counties dipped slightly below the national average but stayed close to 1.5 times the state average.
Despite the falling numbers, Kings and Queens counties both registered foreclosure rates more than two times the state average, with one foreclosure for every 1,341 households in Kings County and one foreclosure for every 1,209 households in Queens County.
Nearby Bergen County, N.J., experienced a 10 percent increase in the number of properties entering foreclosure, but its foreclosure rate remained well below state and national averages with one foreclosure for every 2,296 households. Although Essex County foreclosures dropped 18 percent in June, its foreclosure rate was 2.4 times the national rate, with one foreclosure for every 717 households.
Continuing the extreme swings it has experienced in the last two months, Union County, N.J., foreclosures spiked 102 percent in June with 366 properties entering foreclosure. Although a drastic increase over the 181 foreclosure reported in May, the number closely mirrored the 345 foreclosures reported in April.
New York state foreclosures dropped 17 percent in June, lowering the state’s foreclosure rate to one foreclosure for every 2,794 households — less than two-thirds the national average. New Jersey foreclosures increased 8 percent, but with nationwide foreclosures increasing similarly, the state maintained a foreclosure rate 1.6 times the national average.
The number of properties entering foreclosure nationwide increased to 67,024 in June compared to 62,432 in May. That was the highest number of new foreclosures reported in any one month in 2005, and raised the nation’s foreclosure rate to one new foreclosure for every 1,726 households.
RealtyTrac’s June report also includes previously unreported foreclosure data in the New York metropolitan area and 73 other counties, although the new data is not used for the month-to-month comparisons. The new data showed 264 additional foreclosure properties in the New York metropolitan counties, but did not change the ranking of the city’s foreclosure rate in comparison to the top five metropolitan areas. Nationwide the new data included 8,417 properties entering foreclosure in June, bringing the nationwide total to 75,441.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
|District of Columbia 6/2005||0||4||0||0||28||32||29.41|
|New Hampshire 6/2005||0||7||0||0||6||13||9.80|
|New Jersey 6/2005||1699||1400||0||0||97||3196||89.22|
|New Mexico 6/2005||270||24||0||0||76||370||64.71|
|New York 6/2005||0||0||622||2223||69||2914||51.96|
|North Carolina 6/2005||19||207||0||0||1233||1459||56.86|
|North Dakota 6/2005||0||2||0||0||17||19||12.75|
|Rhode Island 6/2005||1||5||0||0||0||6||5.88|
|South Carolina 6/2005||55||73||0||0||532||660||51.96|
|South Dakota 6/2005||0||2||0||0||2||4||5.88|
|West Virginia 6/2005||0||41||0||0||21||62||15.69|
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, RealtyTrac Inc. (www.realtytrac.com) is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations